[Hokusai]

Except the part where losing your house ruins your life, meanwhile your team losing just ruins your evening. That is the key difference. I agree that for easy to replace items, insurance and sports betting is the same, thou. (If you bet against your own team)

[rob74]

Except for the case where you have bet your house on your team...

[Cthulhu_]

That's one's own stupidity then. This is why gambling falls under specific rules - to prevent people from doing stupid things.

[afiori]

But this is the point, betting creates the risk in this case, insurance exist to reduce a preexisting risk.